Chinese and Lunar New Years fall at the same time in a rare event with parties organised around the country, honouring a range of legends that surround the celebrations.

One Chinese New Year legend tells the story of a monster, Nian, who would attack villagers in the new year but was afraid of red, bright lights and loud noises.

The celebrations usher in luck and prosperity with firecrackers, fireworks and splashes of the red.

The Year of the Rabbit and The Year of the Cat land fourth in the 12 year Zodiac cycle and, in recent years, were celebrated in 2011, 1999, 1987.

The Vietnamese New Year celebrations centre around the cat, representing intelligence, ingenuity and agility.

While Chinese celebrations exalt the rabbit, symbolising longevity, peace and prosperity.

Explanations differ about why these legends diverge, but one common Vietnamese story involves the cat finishing Buddha's river race and ranking among the winners named in the Zodiac cycle.

While the Chinese legend has the cat losing by sabotage to the rat, the Zodiac cycle's first animal.

Sydney

Festivities in Sydney will run from January 21 - February 5.

Events are planned throughout the city, including a street festival in Haymarket and a Dragon boat race in Sydney Harbour.

Melbourne

Melbourne's Chinatown district on Little Bourke Street will host a festival between 8.30pm January 22 - 8.30am January 23.

The party is set to showcase live performances, including a Millennium Dragon parade.

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On the night of January 20, the Asian Community of Australia is hosting a party in Queensbridge square just south of the Yarra, near the arts precinct.

Canberra

Canberra's Dickson Lunar celebrations will include a line up of acts like roving performers and Lion dances.

A Zodiac rabbit sculpture is set to be unveiled on Woolley Street in Dickson at 1pm on January 21.

Picnickers are welcomed at the Canberra Beijing Garden in Yarralumla from 6.30pm on February 4 where the Australian China Friendship Society is hosting a lantern festival featuring cultural performances.

Adelaide

Celebrations in Adelaide run from January 22 - February 7, with much of the fanfare centred in the city's Chinatown.

The festivities promise to include Lion dances, karaoke and other live entertainment.

Hobart

The Chinese Community Association of Tasmania is hosting a party on the Parliament House lawns between 10am - 4pm on January 22.

The festival program includes children's activities and food stalls, as well as Lion dances and a two metre long fire cracker.

Perth

In Perth, dance troupes will lead a procession through James Street to the nearby Perth Cultural Centre between 12pm - 9pm on January 29.

Expect lots of firecrackers.

Darwin

The Taiwanese Community of the Northern Territory is celebrating the new year with traditional food and a lantern festival from 4pm - 7.30pm on February 5.

The party will be held in Gray Community Hall just over 20 kilometres outside Darwin.

Brisbane

Brisbane's Sunnybank Plaza and Sunny Park is hosting Chinese New Year festivities between January 18 - January 22.

The five-day program will include Chinese calligraphy and Feng Shui demonstrations, Lion dance performances and children's entertainment.

Performances of 'The Story of Nian' run from 5pm and 6pm on January 21 in Fortitude Valley.

The Chinese and Lunar New Year celebrations are not public holidays.

"Australians like to talk about how we are a successful multicultural country," said thinktank research fellow Osmond Chiu in a recent article for the Lowy Institute.

"One practical and powerful yet simple thing we could do is make more culturally and religiously significant days public holidays," he said.

Mr Chiu said marking the National Day of Mourning for Queen Elizabeth II showed that "declaring a public holiday does not require any new legislation".

"All it requires is for state and territory governments to gazette the day with some notice."

Mr Chiu said we should also consider marking Eid and Diwali with public holidays.